Communiqués de presse

TORONTO, September 12, 2013 – First Asset U.S. & Canada LifeCo Income Fund (the "Fund") (TSX: "ULC.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund’s Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 1,350,000 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fund’s issued and outstanding Units, being 13,500,000 as of the close of business of September 9, 2013. The Fund will not purchase in any given 30-day period, in the aggregate, more than 270,000 Units, representing approximately 2% of the issued and outstanding Units as of the close of business of September 9, 2013. Purchases of Units under the NCIB may commence on September 16, 2013. The Fund believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund’s funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on September 15, 2014.

For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.

Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America.

You will usually pay brokerage fees to your dealer if you purchase or sell units/shares of an investment fund on the Toronto Stock Exchange ("TSX"). If the units/shares are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units/shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units/shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rate(s) of return is/are the historical annual compounded total return(s) including changes in share/unit value and reinvestment of all dividends/distributions and does/do not take into account certain fees (such as redemption fees or optional charges) or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.